Credit

The new ETF, which tracks the BofA Merrill Lynch 0–5 Year EM USD Government Bond ex-144a Index, looks to reflect the performance of short-maturity emerging market government debt issued in US dollars.

The issue was placed with more than 400 European institutional investors. The order book totalled around €6.5 billion. The bonds will pay a 4.00% fixed rate of interest over the first 10 years and subsequently adjusted every five years...

Research published today by PwC shows that in the nine months to the end of September 2014 loan portfolios with a face value of Euro 67bn have been sold by Europe’s banks. PwC estimates there are transactions currently in process for portfolios totalling a further Euro 50bn.

Bill Gross is managing the global macro-driven bond fund, acting on his highest conviction ideas in order to generate positive returns and fixed income diversification, while navigating ever-changing market conditions in the global economy.

Concerns over global growth, central banks starting to tighten policy and a lack of liquidity have all contributed to a painful re-pricing of high yield in the last three months.